Total has 6 months to submit proposal on developing Iran's oilfield
Baku, Azerbaijan, June 8
By Fatih Karimov - Trend:
The France's Total company should submit its technical proposal for developing South Azadegan oilfield within 6 months, Iran's deputy oil minister, Rokneddin Javadi, said.
A preliminary document has been signed with the French company on developing the second phase of the oilfield, shared with Iraq but the final agreement will be inked after reviewing Total's technical and operational proposal, Javadi, who heads the National Iranian Oil Company (NIOC), said, Mehr news agency reported June 8.
So far various valuable European and Asian firms have expressed readiness to participate in development of the oilfield, he said, adding Iran is holding talks with several companies.
Following the oil sale contract between Iran and France's Total, the two sides also inked a nondisclosure agreement (NDA) on South Azadegan oilfield.
Iran has developed the first phase of this field. Currently, Iran produces 30,000 barrels per day from Azadegan, but the country plans to increase this figure to 320,000 barrels per day by completing the first phase and developing the second and third phases of this project.
Earlier, the Project Director of the Development Project of South Azadegan Seyed Mahmoud Marashi said that according to the preliminary estimates, the expected volume of investment to develop the second phase of South Azadegan would be less than $5 billion.